Chinese homebuyers slow investments in US

Immigration rules, yuan's weakness and property frauds slam brakes on buying spree

For the second consecutive fiscal year to March-end, Chinese homebuyers were the largest overseas investors in the United States realty sector. But their collective investment fell. Yet, property agencies are bullish on the purchasing power of the Chinese middle class.

In 2015-16, Chinese homebuyers spent $27.3 billion, down 4.5 percent from $28.6 billion of 2014-15, according to a report of the US-based National Association of Realtors.